RPN 9 a done deal?

Spy Bits sources tell us that Wilson Tieng’s Solar Entertainment Corp. now owns the majority shares of RPN 9 together with Kitchie Benedicto Paulino, the daughter of the late Ambassador Roberto Benedicto who owned a substantial number of shares from both IBC 13 and RPN 9. Both channels were sequestered in 1986 with their ownership put into question, but Kitchie (who currently runs her own production outfit Cinemakulay and was actively involved in RPN 9 during the Marcos years) has reportedly been successful in getting back her father’s sequestered shares in a recent Sandiganbayan ruling.

Along with IBC, the government has been wanting to privatize RPN which, other than its transmitter, now has zero assets having been dissipated over the past 20 years after it was placed under government supervision. During its heyday, RPN 9 ruled the airwaves but the station’s decline has made privatization difficult with the lack of interested takers. In 2007, Solar engaged in a partnership with the station and took over the programming. The introduction of new shows (among them the popular Fox TV series “Bones,”) has infused new life on the network, now back to the branding “Solar TV on RPN.” If Solar is indeed the new owner of RPN, then it can only mean good news for the network and its employees, many of whom have been complaining about late payment of salaries.

‘Truce commission’

A prominent law firm has suggested that instead of issuing a new Executive Order to create another Truth Commission, perhaps Malacañang should just form a “Truce Commission” in order for the Executive and the Judiciary to start working together. The Palace and the SC have been at odds ever since Executive Order Number 1 creating the Truth Body was thumbed down by the Supreme Court as unconstitutional, with President Noy expressing his disappointment and claiming that his administration is being singled out.

Several Palace officials were quick to jump into the fray and engaged in “name calling” – which only added to the conflagration and gave the perception that the “word war” has now escalated into something bigger. This perception was reinforced after Malacañang ignored two SC rulings, slashing the Judiciary’s budget request by almost 50 percent. Instead of issuing a new EO, perhaps Malacañang should consider suggestions to urge Congress to create a Truth Commission. In any case, it’s about time to call a truce to this clash between the SC and the Executive. Otherwise, it could only lead to disaster.

Sobrepeña’s ‘White Knight’

Many of the investments made by Bob Sobrepeña (Fil-Estate, MRT-3, CAP) have not done well reportedly because he was spreading himself too thinly and thus was not able to deliver on the promises made. However, he has been able to convince Megaworld honcho Andrew Tan to become his “White Knight” with the P5 billion infusion by Tan’s holding firm Alliance Global to Fil-Estate Land Inc. (FELI). The megadeal could be Sobrepeña’s saving grace that could put him back on track. The subscription agreement is expected to bolster both companies’ position in the real estate industry, with Alliance Global able to tap into the vast land bank of Fil-Estate. International publication Asiamoney recently cited the $500-million offshore maiden bond deal made by Alliance Global in August last year as the best High Yield Bond in 2010. No wonder the “Mega” tycoon has been so bullish, revealing plans to launch new projects worth P60 billion this year with special focus on tourism projects.

The agreement could spell brighter prospects for shareholders with priority to be given on the development of Fil-Estate properties located in Boracay, Nasugbu, Tagaytay and the Calabar area, Iloilo and several parts in Metro Manila. AGI says the lineup of properties in FELI’s portfolio will enable it to come up with pioneering development schemes and devote resources to the timely completion of projects since it need not spend money on the acquisition of land for development. For his part, Sobrepeña expressed optimism that the partnership – which he characterized as a “relationship” – is a “good indication of real estate moving forward in the country.” Both companies can certainly capitalize on the uptrend in the real estate sector as predicted by analysts.

Spy tidbit

–– On Monday Jan. 10, we will be celebrating the 11th year of People Asia magazine with our People of the Year Awards night honoring extraordinary individuals who have made a difference in the lives of others. To many people, 11 is a lucky number and although our event does not exactly fall on 1-11-11 (Jan. 11, 2011), it comes quite close to that auspicious date. We Would like to congratulate all our hardworking staff headed by editor-in-chief Joanne Ramirez, all of whom have put in a lot of hard work for our People of the Year Awards night. No less than President Noynoy Aquino will be giving the award to our special awardee, San Sebastian law student and Bar exam blast victim Raissa Laurel who has inspired millions with her courage and moral fortitude despite the tragedy that made her lose both of her legs.

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